Byju Raveendran, the CEO and co-founder of insolvency-bound edtech firm Byju’s, has assured an employee that salaries left unpaid for three months will be credited eventually. Raveendran took to LinkedIn earlier this week to acknowledge his absence, ask his employees for forgiveness, and refute certain charges against him.
The 45-year-old CEO behind the embattled edtech company refuted claims that his family made a fortune by selling shares, stating that all the money was reinvested into Byju’s. He also called for a “thorough investigation” into alleged collusion and fraud involving the firm’s lender Glas Trust, consultancy firm EY, and former resolution professional Pankaj Srivastava, claiming they played a role in Byju’s downfall.
While Raveendran reiterated his innocence and promised to come back “stronger than ever”, some of his employees had a lot of questions for the beleaguered former billionaire, who has been accused of running away to Dubai to avoid charges.
‘Stranded without salaries’
One Byju’s employee took to the comments section to question the founder about employee salaries being left unpaid for three months.
The employee reminded Raveendran of his responsibility towards employees who stood by the company even in bad times. “We hear your passion, but passion doesn’t pay our bills. While you speak of sacrifice, we—the employees who built BYJU’S—have been left stranded without salaries for three months,” wrote Kaushik Lade.
{{/usCountry}}The employee reminded Raveendran of his responsibility towards employees who stood by the company even in bad times. “We hear your passion, but passion doesn’t pay our bills. While you speak of sacrifice, we—the employees who built BYJU’S—have been left stranded without salaries for three months,” wrote Kaushik Lade.
{{/usCountry}}“Our PF remains unpaid. We stood by this company, gave it our best, and now we are fighting just to survive. Please don’t let the people who made BYJU’S suffer in silence. Words inspire, but actions matter,” he added.
Byju Raveendran’s response
Byju Raveendran assured the Hyderabad-based employee that pending salaries would be paid eventually, but not “immediately.” He said that he was fighting not just for himself but also for his employees.
“Bills will be paid, comeback will be made, dues will be cleared. Not immediately, but eventually. I am not fighting for just myself. Till then, you have to rely on my words. Till then, you have my word,” the former billionaire wrote in response.
Byju Raveendran’s journey from a small-town teacher to the founder of India’s most valuable ed-tech company is a remarkable tale in itself. Born in Kerala, he started as an engineer but soon discovered his passion for teaching.
In 2011, he founded Byju’s, an online learning platform that soon became a household name. During COVID-19, schools closed, and more students turned to online learning, boosting BYJU’S growth. This increased demand helped the company expand and attract more funding, making it India’s top ed-tech platform.
However, by 2023, the cracks began to show. Reports of delayed salaries, unfulfilled refunds, aggressive sales tactics, and opaque financial disclosures tarnished its reputation. Regulatory scrutiny increased, and investors grew wary as the edtech firm struggled to file its financial reports on time.